The Center For Debt Management
Debt Relief

Debt Consultation

Debt Settlement

Debt Consolidation

Debt Management

Credit Counseling

Filing Bankruptcy

Budget Software

Tax Debt Relief

Student Debt

Business Debt

Stop Foreclosure

Credit Report

Legal Resources

Credit and Financing

Financial Resources

Income Resources

US Tax Center

Insurance Center

Financial Library

Financial Bookstore


Income and Expense Worksheet

Sample Income and Expenses Worksheet

Knowing what expenses are flexible and what expenses are fixed is the first step to successfully managing your personal finances. This income and expense worksheet will help you to decide where you can be flexible each month.

How to Use the Income and Expenses Worksheet

Recording Your Income:

  1. Record your income in the left column. As you can see from the example below, there are spaces on your worksheet for other incomes sources that might fit your personal situation, such as alimony, child support, and social security.

    • As you record your income, be sure to consider whether income sources are continuous or whether they might stop in the near future.  For example, if you get unemployment benefits, keep in mind when you will stop receiving these benefits.

    • You also might want to make adjustments for income you receive on a yearly or quarterly basis, such as tax refunds or bonus checks.
  1. Next, calculate your total income by adding the numbers in the left column. Record this number in the space next to “Total Income” on the bottom of the left hand side of the page.  This number represents the amount of income you earn in a month.

Recording Monthly Expenses

  1. Fixed expenses
    Next, list your monthly expenses in the right-hand column.  Begin by listing your fixed expenses.  Fixed expenses are items you have little or no control over.  You will pay a fixed amount for these expenses each month.  See the example below for some examples of fixed expenses.

  2. Agreed expenses
    The next group of expenses you will record on the worksheet are expenses that you have some control over before the initial agreement.  They become fixed expenses after you have signed a contract.  You should shop for the best value before committing to the payments.  See the example below for some examples of expenses you can control before agreeing to make payments.

  3. Flexible expenses
    The next group of expenses you will record on the worksheet are flexible expenses. Flexible expenses are expenses that you can control.

    • When thinking about flexible expenses, think about what you need and what you want. This will help you to control your spending in this category.  What are some ways that you could control the costs of these expenses?

    • Also, make sure to pay yourself first. Set aside money from each paycheck and put it towards your savings. You will notice in the example below that “savings” is listed as an expense.

  4. See the example below for other examples of flexible expenses.  Also, you can use the Daily Spending Diary (see “Budgeting Tools” section) to get an idea of how to control your flexible spending.

Monthly Income and Expenses Worksheet

My Income   My Expense
    Fixed Expenses
Wages $ 2,000   Rent/Mortgage $  1,000_       
Public assistance $              Property taxes/Insurance $                     
Child support/Alimony $  800     Trash collection $                     
Interest/Dividends $              Cable $                     
Social Security $              Car Payments $                     
Other $              Car Insurance $                     
    Other loan payments $   200           
    Health insurance $                     
    Day care/Elder care $ 600_          
    Flexible Expenses
    Savings $    100            
    Gas/Oil $                     
    Electricity $      50            
    Water $                     
    Telephone/Cell phone$   _ 40            
    Food $    400            
    Transportation/Gas $  _ 160            
    Car maintenance $                     
    Education $   _150            
    Personal expenses $                     
    Other $                     
Total Income $      2,800    Total Expenses $   2,700          
* Remember to plan for income and expenses
that do not occur on a monthly basis.

Deep In Debt?  —  Call 1800 DEBT.COM  —  Get Help Today!

Over 2,000 Pages of Content
Center For Debt Management

Center For Debt Management

The Center For Debt Management

Helping Consumers Save Money and Reduce Debt Is Our Only Business!

We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources to reduce your living expenses and to enjoy life! But First—if you're over-your-head in debt—get a free no-obligation debt consultation right now!

Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation loans, debt settlements, legal aid, financial aid, credit and financing, credit reports, budget software, insurance, income resources, tax assistance and more. Get out of Debt! Call Now — 1800DEBT.COM

Established In 1989 and Serving The Online Community Since 1992!

Get Out Of Debt: Call

Center For Debt Management